Paxful Announces the Release of Their Crypto Debit Card, Powered by BlockCard
Ternio has partnered with the Global peer-to-peer bitcoin marketplace, Paxful, to offer their own crypto debit card. The card will be available to US residents and will allow users to convert their cryptocurrency into USD to make purchases, open bank accounts, and withdraw cash from ATMs across the globe, with an international card option to follow.
The current traditional financial system has created an accessibility gap, with many unable to access the essential banking products that we can take for granted. Per a survey conducted by the FDIC in 2017, 25 percent of households in the United States are either unbanked or underbanked, and that number increases to 1.7 billion globally, according to the World Bank. Paxful’s goal is to empower anyone and everyone, worldwide, to take control of their money using peer-to-peer transactions.
“Access to reliable and affordable financial products is indispensable,” said Ray Youssef, CEO, and co-founder of Paxful. “Whether looking to invest in education, start a business, or simply manage the financial demands of everyday life, there should be a viable option for everyone across the globe. Paxful has always been dedicated to providing that option, be it to users who are in the platform as a matter of preference, or necessity.”
With the Paxful card, powered by the BlockCard platform, users will be issued a virtual card to use immediately after passing KYC while a physical card is mailed to them. Users must keep a minimum balance of $10 to keep the card active, and it can be used at over 61 million merchants worldwide, wherever Visa is accepted. Users will be able to deposit 13 different cryptocurrencies which will be converted to USD for immediate spending power.
“Paxful is a best in class peer to peer bitcoin marketplace, so we’re pumped up about being able to provide their customers access to the BlockCard platform,” said Daniel Gouldman, CEO, and co-founder of Ternio. “It’s going to be fun to pair together all of the strengths of Paxful with Blockcard’s global debit card and bank account capabilities. Ternio is committed to providing interoperability between cryptocurrencies and the traditional banking system.”
Users can sign up for a Paxful Card at https://debitcard.paxful.com/.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 4.5 million users globally who you can instantly buy and sell bitcoin using over 300 different payment methods. https://paxful.com/
As part of their mission Paxful also launched #BuiltWithBitcoin, a social good initiative with the goal of building 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.